Q2 2026 Revenue up 1% year over year to $398M · 38¢ of every $1 of revenue lost · operating margin 63.4%
Starwood Real Estate Income Trust made $398M in Q2 2026 (+0.9% Y/Y): Rental Revenue $390M, Real Estate Other $7.9M. Operating margin 63.4%, net loss $153M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$398M
Year over year+0.9%
Operating margin63.4%
Net earnings−$153M
Operating cash flow$106M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $398.0M in Q2 2026, up 1% year over year and up 1% from the previous quarter. Rental Revenue was the largest line at 98% of revenue. Rental Revenue added $3.2M year over year (up 1%), 94% of the total change.
Operating profit was $252.2M, a 63.4% margin (up 2.1 points year over year). Of the extra revenue versus Q2 2025, 308% reached operating profit, above the 61% margin then. Total costs fell 5% while revenue rose 1%. The quarter ended with a net loss of $153.0M, wider than the previous quarter's $119.9M loss. Minority interests bore $8.8M of it: to shareholders the quarter was a loss of $144.2M. Net interest and other expense of $405.5M was the main reason.
Operating cash flow was $106.0M (down 6% year over year). Non-cash charges added back $177.3M of depreciation and amortization. Working capital and other items added $81.7M. Capital expenditures of $29.0M left free cash flow of $77.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$398M
+0.9%
63.4%
−$153M
$106M
Q1 2026
10-Q
May 11, 2026
$392M
-2%
63.6%
−$120M
$54.2M
Q4 2025
10-K
Mar 20, 2026
$392M
-6%
61.8%
−$161M
$49.3M
Q3 2025
10-Q
Nov 12, 2025
$394M
-7%
59.5%
−$179M
$98.6M
Q2 2025
10-Q
Aug 13, 2025
$395M
-6%
61.2%
−$205M
$112M
Q1 2025
10-Q
May 9, 2025
$400M
-6%
61.7%
−$188M
$85.2M
Q4 2024
10-K
Mar 21, 2025
$417M
-1%
63.3%
−$149M
$76.6M
Charts
Latest (Q2 2026): Y/Y +1%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$153M, Operating cash flow $106M.+85.4% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 3-for-1 split before FY2021.Cash $201M, short-term investments —, long-term debt $12.0B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
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🔄Rotation against the market and its industry (RRG)interactive
Starwood Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.9% against the peers' median +11%. Operating margin: 63.4% against the peers' median 20.6%.